Weekly Technical Analysis

Start your week by identifying the key price levels and trends. 

The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.

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Wall Street (4 hours)

Wall Street is in a clear downward movement, however the price is trying to break out from a wedge formation to the upside. If a breakout occurs, it might test the 32,400 mark. For now, the market is still bearish unless the index can successfully close above the mentioned resistance, then the odds would increase for the trend to revere, sending the price moving  higher toward the 34,100 level.

Source: SpreadEx 

UK 100 (4 hours)

The index failed to break the strong support around the 7,150 mark where it posted a double bottom. This led to a reversal and a move higher after breaking the bearish trend line to the upside, and in addition the resistance level (now support) has been breached around 7,350. A lower correction has been posted to this level already, setting up a possible move higher in the coming days.

Source: SpreadEx 

Germany 40 (4 hours)

The price of GER40 tested the 13,560 level (April low) and reversed higher and broke a bearish trendline to the upside. In addition, the bulls successfully broke and closed above the 13,900 round number, which could lead to a further move upwards towards 14,300 if the buyers will continue to control the market.

Source: SpreadEx 

Gold (4 hours)

Gold is still moving lower where it is trading inside a bearish channel. The yellow metal reached an area of confluence made from the lower end of the channel and the strong support around the 1,750 mark. There is a chance for a retracement higher towards resistance (1,825) where sellers could jump back in and push the price lower.

Source: SpreadEx 

Silver (4 hours)

The price of silver is in a downtrend inside a bearish channel pattern, signalling that the sellers are in clear control of the market. The market is heading towards the upper end of the channel and pivot level around 2,150, where more sellers could join the downtrend and push the price all the way down toward 1,975 potential support.

Source: SpreadEx 

Brent Crude (4 hours)

Brent Crude oil is trading inside a rising wedge pattern where the market retraced briefly to the strong support level around 110. If the buyers continue to overwhelm the sellers, this could lead to a move higher to test the previous high around the 114 level. A breakdown from the wedge, however, could see the market test support near 105.

Source: SpreadEx 

GBP/USD (4 hours)

After breaking the bearish flag to the downside, Cable faced strong support at 1.22, which led to a corrective move higher towards a bearish trend line. If the price respects this line, sellers could push the price again to the downside toward the 1.2060 possible support level.

Source: SpreadEx 

EUR/USD (4 hours)

The euro succeeded to break the parallel channel to the downside with the help of a big bodied bearish bar. The price is posting a correction higher, where it might find sellers around the area of confluence made by the bearish trend line and the strong resistance level (1.0500). This could lead to a move lower again to the recent low at 1.0350.

Source: SpreadEx 

USD/JPY (4 hours)

The price failed to break the strong resistance level around the 2-decade high at 131.2, where a double top pattern has been left. This led to a reversal and a move lower after breaking the bullish trend line. The pair found buyers around 127.4 then again at 128.80, which could setup the price to move all the way up to the double top high.

Source: SpreadEx 

US TECH 100 (Daily)

The Nasdaq 100 index is still moving lower, but the breakout from a descending wedge formation to the upside has offered some relief. An extension of this rebound to the 13,000 could present a new opportunity for sellers to short the index at a better risk:reward around the 11,765 mark.

Source: SpreadEx